Tag Archives: EIOPA

European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to […]

EC publishes draft Delegated Regulation on IPID requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products (IPIDs). The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of IPIDs. The Delegated Regulation, which is based on previous technical advice delivered […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

EIOPA calls for recovery and resolution framework for insurers

EIOPA has published an Opinion, which proposes a minimum harmonised and comprehensive recovery and resolution framework in the area of recovery and resolution for Solvency 2 (re)insurers. EIOPA’s view is that although Solvency 2 has reduced the likelihood of insurers failing in the future, it is not designed to completely eliminate this risk. Given the […]

ESAs answer questions on the KID requirements for PRIIPs

The ESAs have published the first set of question and answers (Q&A) related to the KID requirements for PRIIPs. The purpose of the Q&A is to promote a common supervisory approach to the implementation of the KID. Stakeholders are invited to submit new questions and the ESAs will continue to answer further questions and will […]

EIOPA consults on first set of advice on Solvency II review

 EIOPA has launched a project in a response to the call for advice by the EC and has published a consultation paper on the first set of advice. EIOPA’s focus is on the review of Commission Delegated Regulation (EU) 2015/35 and in particular the Solvency Capital Requirement (SCR) standard formula. The main goals of the review […]

EIOPA publishes first Solvency 2 statistics

EIOPA has published the first set of quarterly statistics on quantitative Solvency II reporting from insurance undertakings and groups in the EU and EEA. The statistics contain aggregated country level information about the balance sheet, own funds, capital requirements, premiums, claims and expenses and  refer to the latest information available at the extraction date.

Commission launches pan-European pensions label

The European Commission is to launch a pan-European pension product (PEPP) that will have the same standard features wherever in the EU it is sold. The PEPP can be offered by a broad range of providers and will complement existing state-based, occupational and national personal pensions but not replace or harmonise any national personal pension […]

EIOPA publishes ORSA assessment

EIOPA has published an assessment of the first supervisory experiences of how European (re)insurance companies have implemented the own risk and solvency assessment (ORSA) process under Solvency II. The key findings are as follows: The majority of (re)insurance undertakings have made good progress in implementing the ORSA process. There is a need for a greater […]

EIOPA speaks on Brexit – “empty shells or letter boxes are not acceptable”

Gabriel Bernardino, Chairman of EIOPA, delivered a speech on opportunities, challenges and regulatory developments. Mr Bernardino concluded his speech with an explanation that EIOPA’s priority on Brexit is focused on the supervisory approach towards the insurers based in the UK seeking relocation of subsidiaries in the EU. He confirmed in his speech that empty shells or letter […]